The BSE Sensex was up 89 points, or 0.11%, at 81,799, while the Nifty50 rose 19 points, or 0.08%, to 25,036—just 42 points shy of its all-time high—around 9:22 am.
From the Sensex pack, M&M, Tata Motors, Power Grid, Titan, Sun Pharma, and Reliance Industries opened with gains, while HCL Tech, ICICI Bank, TCS, Bajaj Finserv, and Tata Steel opened with cuts.
Among individual stocks, NBCC opened over 8% higher as the company’s Board of Directors is set to meet on August 31 to consider issuing bonus shares to its equity shareholders.
LTIMindtree shares traded 3% higher after the Karnataka High Court stayed GST demand order worth Rs 378 crore till the next date of hearing, which is yet to be notified.Sector-wise, Nifty Bank, FMCG, IT, Metal, Realty, Consumer Durables, and Pharma opened in the red, while Auto and Media sectors posted gains. In the broader market, the Nifty Midcap 100 fell 0.3%, while the Nifty Smallcap 100 opened flat.Experts View
“The market has entered a consolidation phase with low volatility and this trend is likely to continue in the near-term. Falling bond yields in the US has restrained FII selling and they have even turned marginal buyers. Going by previous trends, DIIs are likely to sell if FIIs continue to buy. This trend will keep the market within a range with a slight upward bias. This is a desirable and healthy trend, given the elevated valuations in the market,” said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Deepak Jasani, Head of Retail Research at HDFC Securities, said, “Markets are witnessing selling pressure at rises and could now enter a consolidation phase. Nifty could now take support from 24850 while 25130 could offer resistance.”
MORE TO COME…